Bitcoin Price Analysis: Path of least resistance appears to the downside
- BTC/USD’s recovery attempts remain capped below 7000.
- Bitcoin trapped in a symmetrical triangle on 15-minutes chart.
- The near-term outlook appears neutral to bearish.
Bitcoin (BTC/USD), the most favorite cryptocurrency, stalled its gradual recovery from a five-day low of 6750.92 reached Friday after facing rejection once again near 6950 region earlier this Saturday. Since then, the price has been holding the lower ground, as the bulls lack followthrough momentum amid thin trading, given the Easter weekend. At the press time, Bitcoin is off the daily lows of 6850, trading flat around 6890, with a market capitalization of $126.00 billion.
Technical Overview
BTC/USD 15–mins chart
Technically, the 15-minutes chart displays a symmetrical triangle formation, with the BTC bears now teasing the breakdown near the trendline support of the potential formation at 6879. Should the bulls fail to resist the last, a sharp selling wave could knock-off the coin to Friday’s low. On the way southwards, the next support comes in at 6625, the pattern target.
Alternatively, if the pattern doesn’t get confirmed, the bulls could try to take out the immediate hurdle around the 6910-20 region, the confluence of the 21, 50 and 100-bar Simple Moving Averages (SMA). Further up, the next resistance awaits at the descending trendline, now at 6940.
To conclude, the path of least resistance appears to the downside, with the Relative Strength Index (RSI) inching lower towards the oversold territory below the midline.
BTC/USD technical levels to watch
Author
Dhwani Mehta
FXStreet
Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.
